For a stock that's dropped 40% in a month this company is doing...

For a stock that's dropped 40% in a month this company is doing a lot of things right. The market does seem a bit spooked, but the signs are good in my opinion. They're bottleneck appears to be not in sales, but rather in implementation. The clients are coming knocking, as evidenced by the data below. If they nail it at the implementation phase then they have wonderful foundations to leverage off.

Year-on-year H1/H2 ERP/Netsuite revenue has risen consistently since 2014. That half just gone was our best yet for H1 revenue.

Recurring revenue consistently making new highs year-on-year.



They've gone from business in 2 countries to 8 countries over the past year. The network effect can do incredible things once you get your foot in the door in a new region.



Most importantly the number of customers continues to rise as well.



For some the investment thesis may have changed, but the data above suggests the business is still expanding, and with ERP/Netsuite now taking a 75%+ foothold in revenue, I'd say management are doing a solid job at keeping things headed in the right direction.